Franklin Park, NJ Cost Of Living

Franklin Park cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
Index	Franklin Park	New Jersey	National
Cost of living index	124	125	100
Index	Franklin Park	New Jersey	National
Goods & Services index	111	112	100
Groceries index	104	105	100
Health care index	107	104	100
Housing index	156	158	100
Transportation index	111	112	100
Utilities index	115	115	100

A general overview of the cost of living index for Franklin Park, NJ is displayed above. In Franklin Park, NJ, the overall cost of living index is 124, which is 1% lower than the New Jersey average and 24% higher than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Franklin Park, NJ, the city's goods and services are 1% lower than the New Jersey average and 11% higher than the U.S. average.

Did you know?

The cost of living in Franklin Park is 1% lower than the New Jersey average.
The cost of living in Franklin Park is 24% higher than the national average.
The cost of housing in Franklin Park is 56% higher than the national average.
New Jersey general sales tax is 30% higher than the national average.
New Jersey state income tax is 37% lower than the national average.

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Use the salary calculator to compare your current income in Franklin Park, NJ to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Franklin Park, NJ, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Franklin Park, NJ salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$102,176	$8,515	$2,384	$3,066
Renters	$79,152	$6,596	$1,847	$2,375

The affordability of the housing market in Franklin Park, NJ as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Franklin Park, NJ homeowners, the median income is $102,176. This indicates that a monthly maximum of $2,384 should be spent by homeowners on all housing related costs. Renters have a median income of $79,152. This indicates that renters should have a maximum of $1,847 used for their rent related monthly costs.

New Jersey Sales Tax

State	General Sales Tax	With Max Surtax
New Jersey	6.625%	12.875%

New Jersey Income Tax

State	Income Tax (Low)	Income Tax (High)
New Jersey	1.4%	8.97%

One thing to keep in mind when considering the cost of living in Franklin Park, NJ is the New Jersey sales tax and New Jersey income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The New Jersey sales tax rate is 6.625% and the maximum surtax that can be charged is 12.875%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The New Jersey income tax rates range from 1.4% to 8.97%.

Goods & Services

Item	Franklin Park	National avg.	Difference
Haircut	$19.00	$16.09	18.1%
Beauty Salon	$36.33	$37.33	2.7%
Toothpaste	$2.12	$2.45	13.2%
Shampoo	$1.06	$1.00	5.9%
Movie	$11.68	$10.28	13.6%
Bowling	$4.98	$4.93	1.0%

Groceries

Item	Franklin Park	National avg.	Difference
Ground Beef	$3.45	$3.80	9.4%
Fried Chicken	$1.47	$1.40	5.0%
Milk	$2.24	$2.01	11.4%
Potatoes	$2.99	$3.01	0.7%
Pizza	$8.59	$9.89	13.1%
Beer	$9.46	$8.90	6.3%

Health Care

Item	Franklin Park	National avg.	Difference
Optometrist	$108.67	$102.16	6.4%
Doctor	$93.87	$108.36	13.4%
Dentist	$115.62	$92.53	25.0%
Ibuprofen	$8.39	$9.28	9.6%
Lipitor	$465.46	$425.82	9.3%

Housing

Item	Franklin Park	National avg.	Difference
Home Price	$274,200.00	$184,700.00	48.5%
Avg. Mortgage Payment	$1,644.65	$1,202.44	36.8%
Apartment Rent	$1,651.00	$949.00	74.0%

Transportation

Item	Franklin Park	National avg.	Difference
Gasoline	$2.36	$2.24	5.0%
Tire Balancing	$57.32	$46.29	23.8%

Utilities

Item	Franklin Park	National avg.	Difference
All Electricity	$188.22	$165.96	13.4%
Phone	$33.50	$28.68	16.8%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, State	Population	Cost of Living Index	National Avg.
Zarephath, NJ	8	110	10%
Rossmoor, NJ	2,904	100	0%
Clearbrook Park, NJ	3,114	110	10%
Roselle, NJ	21,507	111	11%
Concordia, NJ	3,156	112	12%
Franklin Park, NJ	15,454	124	24%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Roanoke Rapids, NC	15,454	91	-9%
Long Beach, MS	15,450	93	-7%
Jamestown, ND	15,441	90	-10%
Lamont, CA	15,439	97	-3%
Eden, NC	15,434	77	-23%
Franklin Park, NJ	15,454	124	24%

Source: The Franklin Park, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.

Franklin Park, NJ Cost of Living